FTS Group Signs Letter of Intent to Acquire $25 Million IT Solutions Provider FTS Group, Inc. (OTCBB: FLIP), an acquisition and development Company generating positive cash-flow on over $7 Million in annual sales for 2007, today announced that it has entered into a letter of intent to acquire a leading IT Solutions provider on pace to generate over $25 Million in profitable sales for 2008. FTS Management expects the deal to close in the next week.
FTS Chairman and CEO Scott Gallagher commented, "We've been working on this deal for over two months and now expect it to close in the next week or so. The deal turns FTS into a Company with over $30 Million in annual sales overnight. Shortly after closing the acquisition we'll be providing our stockholders with financial guidance for 2008 in both top line sales and cash flow for the consolidated Company. The deal will be immediately accretive to earnings and the most exciting piece to me, is that the deal is virtually non-dilutive to the current stockholders. We'll be assuming non convertible debt and are finalizing a $3.5 to $5 Million revolving note with our lead fund required to close the transaction."
FTS will host an investor conference call shortly after closing to discuss its fiscal 2008 expectations.
About FTS Group, Inc.
FTS Group, Inc. (OTCBB: FLIP) is a publicly traded acquisition and development Company focused on acquiring, developing and investing in cash flow positive businesses and viable business ventures primarily those in the Technology, Wireless and Internet space. The Company generates revenue through its three wholly owned subsidiaries; See World Satellites, Inc., FTS Wireless, Inc. and Elysium Internet, Inc. For additional information about FTS Group, Inc. or any of its wholly owned subsidiaries please review the Company's quarterly, annual and other filings with the Securities and Exchange Commission at http://www.SEC.gov or contact the Company at the e-mail or phone number below.
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